When a country allows trade and becomes an importer of a good,
a. domestic producers become better off, and domestic consumers become worse off.
b. domestic producers become worse off, and domestic consumers become better off.
c. domestic consumers become better off, but the effect on the well-being of domestic producers is ambiguous.
d. domestic producers become worse off, but the effect on the well-being of domestic consumers is ambiguous.
b
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Refer to Mexico and Japan. Which country is the more efficient food producer, and which country is the more efficient cloth producer?
a. Mexico is the more efficient food producer, and Japan is the more efficient cloth producer.
b. Japan is the more efficient food producer, and Mexico is the more efficient cloth producer.
c. Mexico is the more efficient producer of both goods.
d. Japan is the more efficient producer of both goods.
In 1791, what percentage of America's clothing was homemade?
a. 10%–20% b. 30%–40% c. 60%–80% d. 95% or more
Which of the following is a definition of the consumption function?
a. A functional relationship between real consumption spending and real disposable income b. A functional relationship between real consumption spending and the interest rate c. A functional relationship between real consumption spending and wealth d. A functional relationship between real consumption spending and total spending e. A functional relationship between real consumption spending and net taxes
The use of automated teller machines (ATMs) has caused some bank tellers to lose their jobs. This is an example of
a. cyclical unemployment. b. seasonal unemployment. c. frictional unemployment. d. structural unemployment.